DC Lite #307

1. GLD ETF flows. $GLD, the largest gold ETF, saw its biggest daily inflow on Friday since November 2016.

2. VIX Daily Sentiment. "VIX’s Daily Sentiment Index jumped on Friday. Historically this was a bullish sign for the S&P 500 over the next few weeks/months.

3. Global sector fund flows. Financials continue to attract strong inflows.

4. Tech: equal- vs. cap-weight. "Every time the equal-weighted Tech stock outperformed its cap-weighted sector by at least 5%-points in a month, the S&P 500 went on to post outsized returns over the next 3, 6, and 12 months."

5. Earnings reactions. “Q4 earnings season reflects a character change in the market. In short, the market is punishing earnings misses (blue line below) more harshly and beats (purple line below) are receiving a smaller pop.”

ICYMI

• Fri 2/21 #306: "The US $SPY has been the worst performing of the G7 country ETFs since Trump re-took office"

• Thu 2/20 #305: "Companies are talking about buybacks again"

• Wed 2/19 #304: "Profit margins are still the story"

• Tue 2/18 #303: "QT is about to turn from relying on sharp reductions in money fund RRPs to banks reducing their deposits"